This document entails various sources of information that provides key notes for each study unit and shows the calculations and formulas for various calculations found in FAC2601 module. This information can be used for third year accounting as well. you can build up additional information on this ...
STATEMENT OF FINANCIAL POSITION AS AT …
Notes R
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 1
Investment in subsidiary 2
Financial assets 3
CURRENT ASSETS
Inventories 4
Trade and other receivables 3
Financial assets 3
TOTAL ASSETS
EQUITY AND LIABILITIES
TOTAL EQUITY
Equity attributable to owners
Share capital 5
Retained earnings
Other components of equity
Total liabilities
NON-CURRENT LIABILITIES
Long-term borrowings 6
Financial liabilities at amortised cost 7
Current liabilities
Trade and other payables CL1
Current portion of long-term borrowings CL2
Current tax payable CL3
Dividends payable CL4
Bank overdraft CL5
Total equity and liabilities
,NOTES TO THE STATEMENT OF FINANCIAL POSITION
Property, plant and equipment Land Buildings Machinery Vehicles Furniture
Carrying amount at …beginning
Cost/valuation
Accumulated depreciation
Additions at cost
Disposals at carrying amount
Revaluation
Depreciation capitalised
Depreciation
Carrying amount at …end
Cost/valuation
Accumulated depreciation
Factory/office buildings are situated on ERF …, …. The factory/office buildings were revalued by a
sworn appraiser, Mr … on … according to the net replacement value.
Investment in subsidiary Note 2
Shares at fair values
Loan to subsidiary
Inventories (Total Inventories) Note 4
Raw materials
Work in progress
Consumables
Finished goods
Inventory are measured at the lower of cost & NRV using the FIFO/weighted average method
During the current year R_______worth of raw material was damaged when
(Event that caused damage)and the carrying amount was written down
to the net realisable value of R__________
, Liabilities
Finance liabilities obligation @ Amortized cost Note 7
Debenture secured by on an asset:
Debenture amount in trial balance
*to determin how many debenture are there you take trial balance amount and divide it by rate(R)
Finance lease obligation Non-Current liablities Note 6
Total liability under finance lease/ loan agreement
Total long-term of finance lease/ loan liability TRIAL BALANCE *****
Less: current portion payable within 1 year (****)
The finance lease liability is secured by finance lease agreements in respect of machinery. The
effective interest rate is …% per year. The full loan is repayable in 6 bi-annual installments of
R… each.
Financial assets Note 3.1
Non-current assets
Financial assets at fair value through other comp income
Listed/Unlisted
… ordinary/preference shares in Company Ltd (cost price R…)
Loan to parent or Company staff member 12 month > more
Secured/unsecured loan
The loan was granted to Company Ltd on …. Highest oustanding balance during
the year was …. Fixed/no fixed terms of payment agreed upon and interest is
calculated at …% per annum.
Current assets Note 3.3
Financial assets at fair value through profit or loss - held for trading
Loan to parent or Company staff member 12 month <less
Listed/Unlisted
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